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Portugal Telecom parts with Guine Telecom, Guinetel
Tuesday, 26 October 2010 17:36
MacauHub - The government of Guinea-Bissau has announced that Portugal Telecom (PT)
is no longer a shareholder in the country’s fixed line monopoly Guine Telecom (GT) and its mobile arm Guinetel. A press release from the government states: ‘The minister of economy has informed the Council of Ministers about the progress of negotiations, which based on a friendly agreement led to the cession of the shares held by PT, representing 40% of GT’s share capital, and the shares held by Portugal Telecom Internacional (PTI), representing 55% of the share capital of GT.’ According to TeleGeography’s GlobalComms Database, PTI bought a 49% stake in GT in 1989, but its decision to leave the country in June 1998, at the outbreak of the civil war forced the state to take management control of GT in July 2008, amid accusations that PT had effectively walked away from the two companies. In February 2009 the situation was muddied when PTI claimed it still held a 40% stake in GT and Guinetel. However, the following August the government published the results of an audit which concluded that PT was responsible ‘for the mismanagement of the two companies’, signaling the final nail in the coffin for the company’s involvement in GT.
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